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Air Compressor Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Rotary, Centrifugal, and Reciprocating), By Product Type (Stationary and Portable), By Lubrication (Oil Filled and Oil Free), By Application (Manufacturing, Oil & Gas, Energy & Power, Electronics and Semiconductor, Healthcare, Food and Beverages, and Others), Regional Forecast, 2023-2030

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI101672

 

KEY MARKET INSIGHTS

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The global air compressor market size was valued at USD 16.51 billion in 2022. The market is projected to grow from USD 17.22 billion in 2023 to USD 25.60 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.


Air compressors are mechanical equipment that operates on three basic modes - rotary, centrifugal, and reciprocating types. Rotary compressors are varied by design that uses a screw-type mechanism to compress air. These types of compressors are more efficient and dominating in the industry owing to their ease of maintenance.


Furthermore, centrifugal and reciprocating compressors are widely used in various operations such as air filling, gas filling, and others. Stationary compressors, which are mostly preferred by commercial manufacturing and industrial sectors, lead the market.


The global compressor industry saw a slight decline in the past few years due to strict norms and less infrastructure development and investments. However, for the forecast period, the market is anticipated to grow progressively. Also, oil-filled compressors are widely used for various operations such as cleaning, blowing, sandblasting, and others. This has propelled the usage of compressors in various industrial applications such as manufacturing, oil & gas, energy and power, electronics, and semiconductor industries. Significantly, demand for compressors in the dominant regions of the world is expected to boost market growth during the forecast period.


COVID-19 IMPACT


Disturbed Trade Flow and Inadequate Strategies Causing Business Shutdowns Hampered the Market Growth


The global market recorded a minor decline during the COVID-19 pandemic. However, the market was restored in 2021 owing to positive demand from the medical sector after the pandemic. Air compressing are a few key components of production lines in several industry verticals such as manufacturing, automotive, and electronics & semiconductor. Also, industrial air compressors are used in the petrochemical 7 gas, manufacturing, and other industries. This compressed air equipment was easily regulated and designed to clean the air even in extreme circumstances and environments. During the pandemic, leading players in the air compression industry were focusing on crafting reliable strategies to endure the diverse effects of the dangerous coronavirus and market dynamics.


LATEST TRENDS


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Growing Capital Expenditure, Increasing Hybrid Fuel Infrastructure, and Big Data Analytics to Escalate the Market Growth


In the growing digitalization world of the Industrial Internet of Things (IIoT), communication is the one key element that enables users to store and capture real-time essential parameters such as pressure, moisture, and temperature. This is expected to help manufacturers to develop operational strategies and expenditure techniques for product portfolio expansion.


For instance, in November 2022, Atlas Copco launched SmartLink 2.0, an app that enables users to optimize performance by providing data to users at their fingertips.


The market has further recorded the use of hybrid fuel such as hydrogen which is developing very rapidly and establishing trends in the market with an organized framework. Hydrogen is a possible solution that enables a quicker and more robust energy transition in Europe and all over the globe. Compressors are supplements that help in regulating and transporting this new age fuel, propelling market growth over the forecast period. Moreover, smart compressors that enable capabilities, such as planned predictive maintenance through Big Data analytics and an ability to remotely monitor the equipment parameters through cloud technology, are dominant in the market.


DRIVING FACTORS


Growing Adoption of Industry 4.0 Technologies to Enhance Operational Efficiency and Smart Capabilities to Boost the Market Expansion


Compressors are a major equipment used in small-scale industries as well as large manufacturing facilities. Each pneumatic or advanced equipment in the industry requires the cleanest air for operation purposes in industries. Nowadays, each company spends about 15-40% on the energy cost that is being utilized by compressors that encounters a gap which is to be filled by such efficient air compressors. In the expanding compressor industry, it is very essential to control the air flow. Many prominent players in the air equipment sector provide solutions to solve complex industrial problems and enhance their operations through industry 4.0 capabilities such as IIoT, cloud, Big Data, and others. This has helped in expanding the smart capabilities of compressors, further boosting the global air compressor market growth in the forecast period.


RESTRAINING FACTORS


Degrading Compressor Efficiency and Energy Losses to Hamper Market Expansion


End-users in the industry are seeking equipment that can efficiently use energy as compressors that consume nearly 40-50% of the facility’s energy. While only 10% is converted to use for energy, and the rest 90% is a loss in the form of heat. Hence, measurements and product development are important to minimize the loss of energy and heat. Another big economic loss factor in the compressor industry is maintenance, where the high cost of parts replacement, filters, and lubricants, especially in the oil-filled compressor, is impacting the adoption. In response, key players are upgrading their products to help solve the issue of damping factors, raise the output, and reduce operation costs. However, the damping factors are prominent and will slightly hamper the market over the forecast term.


SEGMENTATION


By Mode of Operation Analysis


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Rising Use of Smart Efficient Rotary Compressors to Reduce Maintenance Cost to Propel Industry Growth


The market is segmented into rotary, centrifugal, and reciprocating by mode of operation. Of these, the rotary segment is expected to grow at 6.2% CAGR and is ruling the mode of operation segment. The basic mechanism they use is two rotating screws to produce compressed air but their advanced operational capabilities and reliability make the compressors the preferred solution for professional and industrial applications across the globe. Moreover, centrifugal air compressors are emerging equipment that imparts kinetic energy into potential energy in the form of air pressure. These compressors are mostly used in manufacturing industries for air process operations. Furthermore, reciprocating compressors work on the principle of reciprocating motion, which means that positive displacement made by the piston in reciprocating devices increases and compresses air pressure.


By Product Type Analysis


Growing Adoption of Heavy-duty Commercial Compressors and In-house Facilities to Expand the Stationary Compressors Segment Share


Based on product type, the market is bifurcated into stationary and portable. The stationary segment is set to grow at 5.7% CAGR over the forecast period. This is on account of the surging demand for stationary compressors for heavy commercial manufacturing of air and the development of in-house facilities. Stationary compressors are heavy weight and not easy to move. Their enhanced productivity and electric saving features are attracting end-user industries.


By Lubrication Analysis


Oil Filled Compressor Use in Commercial and Heavy Duty Applications to Augment Market Share


Based on lubrication, the market is segmented into oil filled and oil free. The oil filled segment is set to expand at a CAGR of 6% over the forecast period. In light of growing heavy duty and commercial applications, lubrication is the only method for avoiding high maintenance issues. Oil filled compressors provide the user the desired operational capabilities without hindering the continuity.


Oil free compressors are used in hospitality sector and oxygen plants due to clean operating conditions, hygiene environment concerns, and stable compressed air requirements. This is anticipated to strengthen the global air compressor market share at a steady growth rate during the forecast period.


By Application Analysis


Exponential Use of Commercial Air Compressors in Energy & Power Generation to Lead the Market Growth


By application, the market is further categorized into manufacturing, oil & gas, energy & power, electronics & semiconductor, healthcare, food & beverages, and others (aerospace).


The energy & power segment is expected to record appreciable expansion over the study period. In power generation applications, such as gas turbines and air blowers, compressors are used to ensure product maintenance, propelling product demand over the forecast period.


Also in industries such as electronics, semiconductor, and healthcare, compressors are used for operations such as cleaning, air blowing, pneumatic devices, and gas generation.


The increasing demand for compressed air in many operations, such as blowing, cleaning, and sandblasting, has raised the application in the manufacturing industry. Due to their heavy load operations and continuity, air compressors are the prime elements used in production and manufacturing facilities.


REGIONAL INSIGHTS


Asia Pacific Air Compressor Market Size 2022 (USD Billion)

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The report covers a detailed analysis of five main regions, North America, Asia Pacific, the Middle East & Africa, Europe, and South America.


Asia Pacific is analyzed to show major growth in the market owing to strong demand for smart IIoT enabled compressors from dominant countries such as China, Japan, and India. Furthermore, gas lines and medical infrastructure for additional essential resources such as oxygen, nitrogen, hydrogen, and carbon dioxide are exponentially growing. Research on alternative gasoline products, such as ethylene, propylene, and investments, to expand LPG (infrastructure) and CNG (infrastructure) is boosting the global market growth.


China is growing at a dominant rate where growth factors such as energy infrastructure investments and power capacity expansions are prime drivers. Also, the growing China’s semiconductor demand for manufacturing of integrated circuits and PCB boards is dominating the market. End-users in the market seek more reliable compressors that provide better performance with good heat dissipation and low loss of energy and effluents. Also, the rising application of compressors in the automotive and manufacturing for sandblasting, fabrication, and other production operations is expected to propel industry expansion over the forecast period.


The North America market is projected to grow progressively during the forecast period, with rising demand for advancing operations and capabilities in applications such as manufacturing, oil & gas, energy & power. In addition, government favorable policies and initiatives to expand the domestic manufacturing significance in this region. Further, market analysis and insights reveal that end users are investing largely in on-premise compressor units. Such an increase in investments and government initiatives is strengthening the market growth. The region stood at USD 4.03 billion in 2022 with increasing demand for energy-efficient and cost-effective compressors and the tendency of the industry players to purchase new equipment are fostering the growth of the market.


For instance, in December 2022, ELGi Equipments Limited, a subsidiary of ELGi Compressors USA, Inc (ELGi), announced the expansion of its presence by rebranding its North America portable air compressor, previously known as Rotair.


The Europe market is expected to grow steadily owing to rapid adoption of compressors in both industrial and residential applications for operations such as cleaning, air blowing, and other manufacturing areas is expanding the market share of oil-filled compressors. Also, these compressors minimize the impurity particles such as oil, water, and dust particles, and thus are preferred for clean in-house production operations. Moreover, increasing exploration activities for alternative gas in the region raise the adoption rate of compressors in the regional market. Thus, the growing application of cleaned and compressed air in the electric vehicle industry for manufacturing and in semiconductor manufacturing is driving the market growth over the forecast period.


The South America market is estimated to grow at a considerable pace during the forecast period. This is due to the growing substantial use of compressors for air compression across the production sectors in the oil and gas industry, automotive, and other manufacturing sectors. The trend of substituting old compression equipment with new ones in production divisions has amplified the sales of ground-breaking technology-aligned products across South America. Furthermore, rotary air compressors are expected to hold the highest share for the period of 2017-2030. This is mainly due to the operational benefits and capabilities that they offered through their robust built quality and maintenance cost savings. Rising mining and construction activities by foreign as well as domestic giants have raised the usage of air compression equipment in the market.


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The Middle East & Africa will witness a moderate growth pace owing to the rising adoption of air compressors and power generation through gases to fulfill the growing population. Also, Saudi Arabia is expected to grow rapidly, which will significantly expand the compressor market in the Middle East & Africa due to the increasing use of gas for electricity generation. Also, mining activities in African countries and rapid industrialization for the geographical significance of minerals will aid air compression activities. Thus, power generation activities, mining activities, and industrialization are enhancing the significance of compressors in the Middle East & Africa region, strengthening the market share over the forecast period.


KEY INDUSTRY PLAYERS


Prime Players in the Market are Developing Strategies to Address Gaps and Sustain Market Growth


Prominent manufacturers are persistently trying to analyze the gaps and introducing innovative products. These new air compressors are integrated with novel technologies such as IIoT and real time monitoring and are built with robust quality materials for considerable durability and reliable operational life. The manufacturers are also providing customized air compression equipment solutions as well as pay as per use options to boost sales. Significantly, it will strengthen and boost the revenue of players in the industry.


The major players in the market constitute approximately 20%-25% of the market share. These players are continuously working on expansion strategies. The market is assessed as moderately fragmented and is a subsidiary market of the machinery and equipment industry. However, owing to technological advancements and changing market landscapes, the global market size is expanding steadily.



  • July 2022: Integrated Air Solution, a global provider of air compressor parts in South Africa, declared a partnership with Elliott Group Ltd., which is another major manufacturer of air compression equipment in North America and Asia Pacific. By this partnership strategy, Elliott Group Limited tried to expand its presence in South Africa and nearby counties.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • August 2022: Sauer compressors, a global compressor provider, added the latest feature to the 6000 series. The products feature hermetic gas tightness with the integration of magnetic coupling between the electric motor and compressor.

  • July 2022: Atlas Copco introduced ZR/ZT series compressors equipped with rotary screw compressor technology and offers 100% oil-free certification. These also come with Z seal technology that provides additional cooling and energy efficiency.

  • June 2022: Elgi launched its LD Series two-stage smart, direct-drive reciprocating air compressor with a new Neuron XT Controller. The 15 HP and 10HP duplex controller versions have three intelligent compressor modes. These can be used to improve user experience, where they can be selected based on their utilization pattern and compressed air demand.

  • May 2022:  ElGi launched two new air compression equipment for users in the Indian market, diesel-powered PG575 - 225 and electric-equipped PG110E equipped with highly efficient IE3 motors.

  • November 2022: Atlas Copco purchased Northeast Compressor’s operating assets. The New York-based parts and maintenance service calls, associated equipment, and services to an extensive array of industrial users in upstate New York.


REPORT COVERAGE


An Infographic Representation of Air Compressor Market

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The research report covers a detailed analysis on the basis of mode of operation, product type, lubrication type, and application. It provides information about leading players in the market and their business overview, product offerings, investments, revenue analysis, types, and leading applications of the product. Besides, it offers insights into the competitive landscape, SWOT analysis, and current market trends and highlights key drivers and restraints. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market growth in recent years.


Report Scope & Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 5.8% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Mode of Operation, Product Type, Lubrication, Application, and Region



By Mode of Operation




  • Rotary

  • Centrifugal

  • Reciprocating



By Product Type




  • Stationary

  • Portable



By Lubrication




  • Oil Filled

  • Oil Free



By Application




  • Manufacturing

  • Oil and Gas

  • Energy and Power

  • Electronics and Semiconductor

  • Healthcare

  • Food and Beverages

  • Others



By Region




  • North America (By Mode of Operation, By Product Type, By Lubrication, By Application)


    • U.S. (By Mode of Operation)

    • Canada (By Mode of Operation)

    • Mexico (By Mode of Operation)


  • South America (By Mode of Operation, By Product Type, By Lubrication, By Application)


    • Brazil (By Mode of Operation)

    • Argentina (By Mode of Operation)

    • Colombia (By Mode of Operation)

    • Rest of South America


  • Europe (By Mode of Operation, By Product Type, By Lubrication, By Application)


    • Germany (By Mode of Operation)

    • U.K. (By Mode of Operation)

    • France (By Mode of Operation)

    • Italy (By Mode of Operation)

    • Russia (By Mode of Operation)

    • Benelux (By Mode of Operation)

    • Rest of Europe


  • Middle East & Africa (By Mode of Operation, By Product Type, By Lubrication, By Application)


    • GCC (By Mode of Operation)

    • South Africa (By Mode of Operation)

    • Rest of the Middle East & Africa


  • Asia Pacific (By Mode of Operation, By Product Type, By Lubrication, By Application)


    • China (By Mode of Operation)

    • India (By Mode of Operation)

    • Japan (By Mode of Operation)

    • South Korea (By Mode of Operation)

    • ASEAN (By Mode of Operation)

    • Australia (By Mode of Operation)

    • Rest of Asia Pacific







Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 16.51 billion in 2022.

The market is expected to be valued at USD 25.60 billion in 2030.

The global market is estimated to have a noteworthy CAGR of 5.8% over the estimated period.

North America is expected to hold a major share in the market. The region stood at USD 4.03 billion in 2022.

Within mode of operation, the rotary segment is expected to be the leading segment in the market during the forecast period.

The growing usage of Industry 4.0 technologies to enhance operational efficiency and smart capabilities is expected to propel the market growth.

ELGi Equipments Limited (India), Atlas Copco AB (Sweden), Sulzer Ltd. (Switzerland), Hitachi Ltd. (Japan), Ingersoll Rand (U.S.), Campbell Hausfeld (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Doosan Infracore Portable Power (South Korea), Siemens AG (Germany), and EBARA CORPORATION (Japan) are the leading companies in the market.

The energy & power segment is expected to drive the market.

The major players in the market constitute approximately 20%-25% of the market share, which is majorly owed to their brand image and presence in multiple regions.

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